Founded in 2016 by a team of ex-bankers and experienced executives from financial domain, Nearby Technologies Pvt.Ltd.(PayNearby) is a FinTech Hyperlocal company. It is registered under the Startup India initiative of the Department of Industrial Policy & Promotion (DIPP), Government of India.
Redefining the concept of ‘cash in everyday use’, PayNearby empowers the local merchants and retailers to offer digital financial and hyperlocal services to common masses, thereby enabling successful financial inclusion across the remote locations of the country.
With its B2B2C (business-to-business-to-customer) model, PayNearby sachetizes the financial transactional products and harnesses retail stores to offer digital financial services such as money transfer, Aadhaar-based withdrawals etc. to ‘tech-uninitiated’ consumers and cost-efficient on-ground cash management and disbursement to corporates. These services help retailers earn more revenue without implementing additional logistics.
Over 22% of all of the AEPS transactions and 7% of IMPS transactions in India run on our platforms. Touching 10 million lives, our solutions run 300,000 transactions daily, covering 6500 pin-codes across 23 states, empowering about 200,000 retailers across the country.
PayNearby has been identified by the Institute of Financial Management & Research (IFMR) and the United States Agency for International Development (USAID) to work in the ‘Cashless Catalyst’ program at Jaipur, Rajasthan. The initiative helps India’s small businesses and low-income consumers to unlock the power of digital payments and gain access to broader financial services and avenues to earn.
Powering paperless transactions, while creating an API-based financial services ecosystem that allows real-time assurance and transaction, PayNearby is building the world’s largest Hyperlocal FinServ network.